Garmin (NYSE:GRMN) Shares Gap Down - Here's What Happened

Garmin Ltd. (NYSE:GRMN - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $170.03, but opened at $164.00. Garmin shares last traded at $162.77, with a volume of 180,558 shares.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Barclays cut shares of Garmin from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $181.00 to $133.00 in a research report on Friday, September 13th. Tigress Financial raised their target price on Garmin from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research report on Thursday, September 19th. Morgan Stanley cut shares of Garmin from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $155.00 to $138.00 in a research report on Monday. Finally, StockNews.com lowered Garmin from a "buy" rating to a "hold" rating in a report on Thursday, September 12th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $158.50.

Garmin Price Performance

The business's 50 day simple moving average is $174.61 and its 200 day simple moving average is $164.57. The company has a market capitalization of $31.33 billion, a price-to-earnings ratio of 23.01, a price-to-earnings-growth ratio of 3.04 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.42 billion. During the same quarter in the previous year, the firm posted $1.45 EPS. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. As a group, analysts expect that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In other news, Director Philip Straub sold 2,750 shares of the firm's stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares of the company's stock, valued at $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Philip Straub sold 2,750 shares of the firm's stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares of the company's stock, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,892 shares of company stock valued at $2,296,174. 19.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Garmin

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. University of Texas Texas AM Investment Management Co. purchased a new stake in Garmin during the second quarter worth about $31,000. Clearstead Trust LLC acquired a new stake in shares of Garmin in the 1st quarter worth approximately $30,000. Family Firm Inc. purchased a new position in Garmin in the 2nd quarter valued at approximately $35,000. Benjamin Edwards Inc. raised its holdings in Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company's stock worth $38,000 after purchasing an additional 99 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Garmin during the second quarter worth $46,000. 73.41% of the stock is owned by institutional investors and hedge funds.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.